Associated Banc-Corp repositioning: sells $1.3B securities, $0.7B mortgage loans; expects $253M after-tax Q4 loss

ASSOCIATED BANC-CORP

Sold ~$1.3B of AFS securities (avg yield 1.87%) and reinvested ~$1.5B into higher-yielding securities (avg yield 5.08%, ~4yr duration).
Agreed to sell ~$0.7B low-yielding mortgage loans (avg yield 2.99%), expected close Q1 2025; proceeds to repay $0.6B FHLB advances.
Expects after-tax loss of ~$253M from repositioning, causing a net loss for Q4 2024; transaction adds ~$15.8M quarterly NII pro forma.
Pro forma NIM improves 19bps to 2.97%, CET1 ratio +39bps to 10.11%, ROATCE +83bps to 12.35% (based on 3Q24).
Common stock offering in Nov 2024 raised ~$330.7M (13.8M shares at $25.00) to bolster capital and support organic growth.

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